Riverside Wharf Secures $145M Construction Loan in Downtown Miami

Driftwood Capital, MV Real Estate Holdings, and Merrimac Ventures have closed a $145 million construction loan from Centennial Bank for Riverside Wharf, a nine-story, two-tower project at 114 Southwest North River Drive along the Miami River in Downtown Miami.

The total project cost is $350 million. CUBE 3 Architects, led by Jon Cardello, produced the design, Gensler is preparing the construction documents, ICRAVE is handling interiors, and Moss Construction is the general contractor.

The roughly 200,000-square-foot development will include a 167-room Dream Hotel. Planned amenities include a 30,000-square-foot nightclub, a rooftop pool day club, a 12,000-square-foot event hall, and about 16,000 square feet of restaurant space. The site will also bring back an expanded version of The Wharf Miami, a publicly accessible riverwalk, a new seawall, and a pop-up Garcia's Fish Market location.

The lender and developers framed the loan as the step that moves the project from planning into vertical construction. Completion is scheduled for fall 2028.

For developers and lenders, this is a sizable mixed-use hospitality deal on the Miami River, showing that bank financing is available for large entertainment-heavy waterfront projects once sponsors have assembled an experienced team.